First Time Homeowners

Homeownership is not some sort of unachievable aspiration.

It’s a reality for all.

3 grant programs offered by Illinois Housing Development Authority:

• 4% of the purchase price up to $6,000 in assistance for down payment & closing costs, forgiven monthly over 10 years – it’s a gift that does not have to be repaid
• 30-year, fixed rate mortgage with an affordable interest rate
• Available for all mortgage types, including FHA, VA, USDA and FNMA HFA Preferred
• Available to first-time and repeat homebuyers statewide

Eligibility:

• Household income and purchase price limits apply
• Minimum credit score of 640 is required
• Both new construction and existing homes are eligible

• 5% of the purchase price up to $7,500 in assistance for down payment & closing costs offered as an interest-free loan, deferred for the life of your mortgage – you don’t need to repay until you sell your house, refinance, or pay off your mortgage
• 30-year, fixed rate mortgage with an affordable interest rate
• Available for all mortgage types, including FHA, VA, USDA and FNMA HFA Preferred
• Available to first-time and repeat homebuyers statewide

Eligibility:

• Household income and purchase price limits apply
• Minimum credit score of 640 is required
• Both new construction and existing homes are eligible

• 10% of the purchase price up to $10,000 in assistance for down payment & closing costs offered as an interest-free loan – repaid monthly over a 10 year period
• 30-year, fixed rate mortgage with an affordable interest rate
• Available for all mortgage types, including FHA, VA, USDA and FNMA HFA Preferred
• Available to first-time and repeat homebuyers statewide

Eligibility:

• Household income and purchase price limits apply
• Minimum credit score of 640 is required
• Both new construction and existing homes are eligible